Hey everybody hope you are all doing well in this video. I wanted to talk about celsius. I want to keep this video very casual and kind of you know. Talk and walk you through with what is going on with celsius along with the markets. Now, if you are watching this, you are most likely a celsius user and, as most of you know, on june 12th, which is a few days ago, uh celsius paused all withdrawals. Swaps, transfers between accounts so right now, im inside my celsius account and when i click on transfer, im, not able to transfer anything inside or outside of celsius, and if i click on swap im not able to swap any of my assets. So were talking about swapping my cardona to ethereum or ethereum to bitcoin, i cant do any of that ever since then, the market has corrected about 30, so the market has definitely uh experienced a lot of fear, uncertainty doubt and according to celsius. Theyre doing this. For our best interest now before i continue with this video, there is something that i do want to share uh. As most of you know, celsius has been a sponsor of this channel uh. To be very honest, its been amazing working with them. I love using their services and their products, but a part of me does feel responsible for the situations that some of you guys are in, because i know that youve been either introduced to celsius through my videos or one form or another – not all of you, but Most of you and now were stuck in this situation, where we cant, withdraw or transfer or even close out some of the loans we may have open.

I know were all responsible for doing our own due diligence, research and managing risk and im sorry for everyone who has funds within celsius right now, whether it was through me or not, because this should not happen to anyone period. It just should not im stuck in the exact same situation, so i hope that i can make videos and update you guys as frequently as possible right now, im in the process of moving into a new office space. So you know its been tricky to make videos, but hopefully i can get out more frequent videos in the upcoming weeks so for the rest of the video im gon na be trying to be unbiased and fair as possible. Now there are three major problems going on with celsius right now. If you go to their website, they claim that you can access your coins whenever swap or withdraw your crypto at any time, and as most of you know, if you go to their app, you cant do any of it so already right. There theyve broken a lot of peoples, trust, including myself. Now. The second problem is that a lot of people have deposited their entire portfolio in celsius, so right now, either their entire. You know, net worth or savings or whatever it may be, is locked up within celsius. Theyre not able to withdraw it and theres that fear that theyll never get access to their funds ever again, if youre going through that im, really sorry that youre going through that, i know it must be really really tough.

Ive been in that kind of situation back in 2017 and i lost sleep. I was stressed everything it was just really tough and so im empathetic to that right now. The hope is that celsius and alex machinski does right on their end and at least gives people access to their funds to withdraw ill talk more about that later on, and the third biggest problem right now is that people, including myself, have loans open within celsius theyre. Getting margin called and theyre close to getting liquidated but theyre not able to pay back their loans because were not able to transfer anything into you know, celsius or swap assets to usdc to pay back our loans. Therefore, some of us already got liquidated or close to getting liquidated, so theres, a ton of things that are completely out of our control. So for the rest of the video i do want to share what im expecting and hoping from celsius and how im planning accordingly. Moving forward now, the first thing im going to talk about are the margin calls and how im handling this situation. Everything i share in this entire video is not financial advice. This is my personal strategy and how im approaching it? It is completely up to you how you want to move forward. I have three margin calls right now. One is for eighteen thousand dollar loan, a five thousand dollar loan and a ten thousand dollar loan. Usually, when you get a margin call you have 24 hours to respond to that margin.

Call once your timer is up. It says your loan is now default and you are at a risk of collateral liquidation. We advise you contact your loan manager now. So you have the option of calling celsius to the loan department and paying back your loan through the phone. The wait time i heard is anywhere between one to two hours. I actually waited a full two hours and they said to call back later, so i was like okay, you know what forget it im, not gon na pay back the loan. I got margin called at 24.1 k and my liquidation price is at 19. 643. Now my plan with all of these loans, that im getting margin called on, is to actually get liquidated. I already got liquidated for one two and three of my loans, and this was all done on purpose now, heres the thing right, youre, probably looking at this and youre like eddie, you pulled out way too many loans, but i actually have enough cash stable coins to Pay back all of these loans im, not in any debt. Now. The problem issue is that if i pay back these loans say i call celsius and pay back all these loans. All my crypto will be unlocked, but itll be back into my celsius account if its back in my celsius account. I cant even withdraw my crypto. Even if i wanted to say i wanted to trade, it sell it or whatever i wanted.

I just dont have any ownership for it, so my preference is that i get liquidated and use the money that i would have used to pay back the loan to buy crypto at a different exchange where i can transfer it into my ledger or a different wallet. You see what happens when you get liquidated. Is your crypto unlocks right? So you get your crypto back, but celsius sells off the amount of loan that you pulled out. So in my case, it sold off ten thousand five hundred dollars worth of ethereum, plus a three hundred and sixteen dollars worth of ethereum liquidation fee. So i still got around two ethereum back into my account and what i really lost was only around 316 dollars. I got liquidated from this position when ethereum hit one thousand one hundred and thirty three dollars and currently its a hundred dollars cheaper. You know technically id be buying it eight point: five percent cheaper uh or i can wait for ethereum to go lower and buy back at an even cheaper price. I know selling at a loss and getting liquidated does suck, but, depending on your you know, financial situation in your tax situation. This is not tax advice or financial advice, uh it plays in my favor, because i can offset some of the gains i had with my losses and im buying back ethereum cheaper, and i have my money at least off of celsius. Technically so again, just to recap everything: if you pay back your loans in celsius, your funds will be unlocked, but itll be unlocked back in celsius where you still dont have control.

But if you choose to get liquidated then at least you have the cash that you would have used to pay back the loan to buy crypto elsewhere and have full control over it again. And when i meet my control, youre able to buy, sell transfer withdrawal back into your bank or to a different account, whereas celsius, your funds, you cant, do anything right now now that weve covered the loan part lets talk about. You know the people, a group of people that have crypto within their celsius account like myself, like i have 68 000 worth of crypto in my celsius account. The question is: will i ever get it back? You know in terms of when nobody knows right. I wish it was tomorrow. I wish it was next week, but unfortunately, its gon na really depend on the market condition right now. The entire crypto market is in a crypto winter or a bear market, and the market going lower is not going to be better for celsius. We want the market to go back up because the quicker the market recovers, the quicker celsius, can you know, resume, withdrawals and transfers, and all that you know right now. The entire crypto community is extremely toxic theyre, adding a ton of fire and negative comments to towards celsius and and alex murcinsky, but thats, not gon na help them right. Personally, for myself, like im rooting for them like i want celsius to win, i want their team to win.

I want alex to do right on their end. Yes, theyve made some mistakes, yes, theyve, taken on too much risk and im pretty sure they have realized that through this you know capitulation and this you know the sell off, but more negativity towards celsius is not gon na make them feel any better right. If anything i feel like, we should try to encourage them and saying hey do the best you guys can so that we can get our funds back. Even if that means the company folding after theyve returned everybodys funds, im pretty sure a lot of people have lost trust within celsius and im pretty sure they are aware of that. But personally, for myself, im just going to be patient the moment that they allow us to withdraw our crypto im going to withdraw everything and from here on out, i cannot recommend celsius to any future users. I guess it really depends on how they shift and adjust their products and services, but as of right now, im no longer going to endorse it or recommend it to anybody, even though they have been supportive of this channel. Now the great thing about crypto, its transparent and its public right so were able to see what celsius is doing and theyve pulled out a loan. Now the simplest way that i can explain all of this is that celsius uses our funds to stake it somewhere to earn higher yield. So they can pay us out or they would borrow against our crypto to earn yield somewhere else or loan it out and thats.

The risk that comes with using centralized platforms like celsius and right now, they you know they pulled out another loan to make sure theyre not getting liquidated and their liquidation price right now is at fourteen thousand dollars earlier. It was at sixteen thousand now its at fourteen. So theyre trying to lower the liquidation price so right now we dont want bitcoin to hit fourteen thousand dollars. I think if we get pretty close, theyll probably try to lower the liquidation price im, not saying that were going to go down to 14k, because nobody wants to see a 14k bitcoin unless you are a buyer, but most likely. If we go down to 14k, the we are still not going to be able to withdraw any of our crypto, and a lot of people are going to continue to get liquidated within their loan positions, which is very unfortunate. Thankfully, i dont have my entire portfolio in celsius, but i know some of you may so. The next best hope is that you know a company like nexo, buys out celsius and takes all of their users. So now we would be under nexo. Nexo would absorb all of celsiuss debt and they would allow us to resume. You know, withdrawals and transferring crypto. So this is probably like one of the better cases scenario but thats only if celsius says yes to nexo celsius already said no to nexo once but again, im really hoping for the best on celsiuss and alex machinskis and again, yes, theyve done wrong on their end.

In some degree, but theyre trying to make right and adding more fire to the fuel is not going to help at all but again theres nothing. We can do right, so we just got to be patient. Wait it out, hopefully alex mashinsky, comes out talks to the public and share whats going on give us an update like thats. All we really want right, but at the end of the day, i hope that you know whatever is going on with you and celsius. You dont lose sleep over it and it doesnt affect you emotionally. I hope that youre still able to enjoy life enjoy your time with your friends and family. I know its really difficult to do that because, personally for myself right when i look at my entire portfolio and when i look at my life and the people i have in my life, my loved ones. I ask myself right if my portfolio thrived, but my friendships and my relationships didnt, would i be happy and i wouldnt right. But if my portfolio went to zero – and i still have my life – and i still have my loved ones and my friends and family – will – i be joyful – absolutely money – you can always make back more of but time with your friends and your family and your loved Ones, it goes by a lot quicker than you think. Well with that said, i hope you all enjoyed this video.

If you did, please give it a big thumbs up. If you have any questions or comments, leave it down below if youre interested in checking out the patreon group ill leave that link down below as well thats, where i share all my buys and my cells and how im navigating through these crazy times.